Lowest mortgage rates in Austin Texas

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by loma , in category: Mortgage Loans , 12 days ago

Lowest mortgage rates in Austin Texas

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by Fill , 12 days ago

@loma  As of July 2024, the mortgage rates in Austin, Texas, vary depending on the type of loan and lender. Here are some current options:

Conventional Loans:

  • 30-year fixed-rate: around 7.25% to 7.35%
  • 15-year fixed-rate: around 6.45% to 6.55%​ (Realtor)​​ (Wirefly)​.

Government-Backed Loans:

  • FHA loans: generally lower rates than conventional loans, requiring only a 3.5% down payment and catering to buyers with credit scores as low as 580​ (Wirefly)​​ (Total Mortgage)​.
  • VA loans: typically offer competitive rates with no down payment required for eligible veterans​ (Total Mortgage)​​ (NerdWallet: Finance smarter)​.
  • USDA loans: available for rural properties, often with lower rates and no down payment​ (Wirefly)​​ (NerdWallet: Finance smarter)​.

Adjustable Rate Mortgages (ARMs):

  • 5/1 ARM: starting rates around 6.0% for the first five years​ (Wirefly)​.

First-Time Homebuyer Programs:

  • TDHCA My Choice Texas Home: low-rate mortgages with up to 5% assistance for closing costs and down payments. Requires a credit score of 620 or higher​ (Total Mortgage)​.
  • TSAHC Home Sweet Texas Home Loan Program: fixed-rate mortgages with up to 5% down payment assistance, available as a grant or a secondary loan with no interest​ (Total Mortgage)​.

For the latest and most accurate rates, it's recommended to check with specific lenders and use online comparison tools from sites like NerdWallet, Wirefly, and Realtor.com​ (Realtor)​​ (Wirefly)​​ (NerdWallet: Finance smarter)​.